Johannesburg-listed investment fund NEPI Rockastle, the largest real estate investor in Romania by portfolio value, announced that a wholly-owned subsidiary registered in the Netherlands, NE Property, on May 15 has closed an unsecured EUR 500 million, 4-year corporate Eurobond.

“We have made a successful transaction, which is a sign of trust in NEPI Rockcastle and its business model. This bond issue supports our financial flexibility and will help generate long-term value for stakeholders,” said NEPI Rockastle CEO Alex Morar.

The bond carries a 2.625% fixed yearly coupon and was issued at a discount with an issue price of 98.15% of its face value. At this level, the book was oversubscribed, reaching over EUR 1 billion (and a yield of 2.86%). S&P and Fitch assigned the Bond a BBB rating, in line with the EMTN Programme rating and the corporate rating.

NEPI will use the money for refinancing, acquisitions, and developments, as and when identified. The fund will list the bonds at Euronext Dublin and Bucharest Stock Exchange.

NEPI Rockastle is the largest real estate investor in Romania, with 51 properties in its portfolio. The fund is active in 9 countries in the region and has a total portfolio of more than EUR 5.9 billion.

editor@romania-insider.com

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